AN ACT TO ALTER THE DISTRIBUTION OF PROFITS OF THE
PITTSBORO ABC BOARD.

The General Assembly of North Carolina enacts:

Section 1. Chapter 365 of the 1967 Session
Laws, as amended by Chapter 1162 of the 1979 Session Laws (2nd Session 1980),
is amended by rewriting Section 9 of that Chapter to read:

"Section 9. The Town of Pittsboro Board of Alcoholic
Beverage Control shall, out of the gross revenue derived from the operation of
Alcoholic Beverage Control Stores, pay all salaries, costs and operating
expenses and retain a sufficient and proper working capital, the amount thereof
to be determined by the Town Board of Alcoholic Beverage Control. The remaining
revenue, as determined by annual audit, shall be distributed quarterly by the
Town of Pittsboro Board of Alcoholic Beverage Control as follows:

(1) Five percent (5%) to
the general fund of the town of Pittsboro to be used for law enforcement
purposes.

(2) Eighty percent (80%)
to the general fund of the town of Pittsboro to be expended as follows:

(a) Ten percent (10%) for
debt retirement of the town. During any period when the town has no debts, then
this ten percent (10%) may be used for any and all purposes for which tax and
nontax revenues may be expended by the town;

(b) Ten percent (10%) for
library, recreational or other similar purposes carried on by the town;

(c) The remaining revenues
shall be used for any and all purposes for which tax and nontax revenues may be
expended by the town.

(3) Ten percent (10%) to
the general fund of Chatham County to be used for education or any other public
purpose for which tax and nontax revenues may be expended by the county.

(4) Five percent (5%) to
the general fund of Chatham County to be used for law enforcement purposes in
the county."

Sec. 2. This act shall become effective July 1,
1981.

In the General Assembly read three times and ratified, this
the 12th day of March, 1981.